SpaceX priced its initial public offering (IPO) on Thursday at $135 per share, marking the largest IPO ever in the United States and propelling Elon Musk’s rocket and spacecraft company into the ranks of the world’s most valuable firms.
The offering raised a record $75 billion through the sale of 555.56 million shares, giving the space, satellite and AI company a valuation of approximately $1.77 trillion, the highest ever achieved in an IPO.
Tony Sycamore, Analyst at IG, expects SpaceX’s market cap at the end of business today to reach around $2.4 trillion, which will be about 35 percent higher than the valuation set for the IPO.
“This, in turn, suggests the SpaceX share price will likely finish today somewhere in the ~$175/$180 range,” he added.
SpaceX to become the seventh-largest U.S.-listed company by market value
Thursday’s pricing marks the culmination of a months-long campaign that brought Musk’s most ambitious venture to market, while upending several Wall Street conventions and fueling debate over whether the company’s valuation can be justified.
When trading begins on the Nasdaq on Friday, SpaceX is expected to become the seventh-largest U.S.-listed company by market value, despite posting a loss last year and generating significantly less revenue than many of the market’s largest corporations.
At its IPO valuation, SpaceX is worth more than companies including JPMorgan Chase, Berkshire Hathaway and Eli Lilly, as well as technology heavyweights such as Meta Platforms and Musk’s electric-vehicle maker Tesla.
Based on 13.08 billion shares outstanding, SpaceX’s IPO gives the company a valuation of approximately $1.77 trillion, a figure that could increase further if underwriters exercise their option to sell additional shares — a move typically decided within 30 days of the offering.
Read: OpenAI files for U.S. IPO amid race to public markets among AI giants
U.S. IPO market proceeds to surge fourfold to a record $160 billion in 2026
The U.S. IPO market is poised for a strong rebound this year following an earlier period of volatility. Goldman Sachs expects total proceeds to surge fourfold to a record $160 billion in 2026, supported by a robust pipeline of listings that includes not only SpaceX but also leading artificial intelligence firms OpenAI and Anthropic.
Founded in 2002 by Elon Musk, SpaceX currently encompasses three distinct business lines: Starlink satellite broadband, rocket launch services (including Falcon 9), and xAI — the AI and social media division — following an all-stock merger completed in February 2026.
Starlink remains the sole profitable segment, generating $11.4 billion in revenue and $4.4 billion in operating income in 2025, with a subscriber base exceeding 10 million. However, xAI consumed approximately $14 billion in cash against just $3.2 billion in revenue, driving the combined entity to a net loss of $4.94 billion.
